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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation
Share-based compensation expense related to stock options, RSUs and PSUs is presented within the following line items in the condensed consolidated statements of operations and comprehensive income (loss):
Three Months Ended March 31,
20242023
Technology and product development$19,279 $18,228 
Sales and marketing4,962 6,587 
Cost of operations2,918 1,500 
General and administrative27,923 37,911 
Total
$55,082 $64,226 
Schedule of Stock Option Activity
The following is a summary of stock option activity:
Number of
Stock Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
(in years)
Outstanding as of January 1, 202417,896,732 $7.70 3.8
Exercised(171,555)2.71 
Expired
(3,267)6.23 
Outstanding as of March 31, 202417,721,910 $7.75 3.5
Exercisable as of March 31, 202417,721,910 $7.75 3.5
Schedule of Restricted Stock Unit Activity
The following table summarizes RSU activity:
Number of
RSUs		Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202464,879,496 $7.95 
Granted
22,501,316 7.49 
Vested(1)
(8,360,975)8.25 
Forfeited
(5,878,073)8.36 
Outstanding as of March 31, 2024
73,141,764$7.74 
________________________
(1)The total fair value, based on grant date fair value, of RSUs that vested during the three months ended March 31, 2024 was $69.0 million.
Schedule of Performance Stock Unit Activity
The following table summarizes PSU activity:
Number of
PSUs		Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202416,240,181 $10.29 
Granted
726,217 9.17 
Forfeited
(2,052,789)7.52 
Outstanding as of March 31, 2024
14,913,609 $10.61 
Schedule of Valuation Inputs and Assumptions
The following key unobservable assumptions were used in the fair value measurement of our loans:
March 31, 2024December 31, 2023
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
18.4% – 29.5%
24.7%
17.5% – 29.5%
23.2%
Annual default rate
4.7% – 48.7%
4.8%
4.5% – 50.4%
4.8%
Discount rate
5.7% – 8.1%
5.8%
5.5% – 8.1%
5.5%
Student loans
Conditional prepayment rate
7.7% – 12.6%
10.5%
8.4% – 12.6%
10.5%
Annual default rate
0.6% – 6.1%
0.6%
0.4% – 6.4%
0.6%
Discount rate
4.3% – 8.8%
4.3%
4.1% – 8.1%
4.3%
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
March 31, 2024December 31, 2023
RangeWeighted AverageRange
Weighted Average
Personal loans
Market servicing costs
0.2% – 1.0%
0.2%
0.1% – 1.8%
0.2%
Conditional prepayment rate
8.6% – 38.1%
22.5%
17.9% – 35.5%
22.4%
Annual default rate
3.3% – 16.0%
4.0%
3.3% – 22.5%
4.7%
Discount rate
8.8% – 20.0%
9.1%
8.8% – 8.8%
8.8%
Student loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
8.1% – 15.1%
12.1%
10.9% – 15.3%
12.2%
Annual default rate
0.3% – 3.6%
0.7%
0.3% – 3.7%
0.6%
Discount rate
8.8% – 8.8%
8.8%
8.8% – 8.8%
8.8%
Home loans
Market servicing costs
0.1% – 0.2%
0.2%
0.1% – 0.2%
0.2%
Conditional prepayment rate
5.5% – 23.8%
8.6%
5.6% – 24.0%
8.1%
Annual default rate
0.1% – 0.1%
0.1%
0.1% – 0.1%
0.1%
Discount rate
9.2% – 10.0%
9.3%
9.2% – 10.0%
9.3%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
March 31, 2024December 31, 2023
RangeWeighted AverageRange
Weighted Average
Residual investments
Conditional prepayment rate
12.4% – 29.9%
15.5%
12.2% – 28.3%
14.8%
Annual default rate
0.5% – 6.9%
1.5%
0.5% – 6.9%
1.4%
Discount rate
5.8% – 13.5%
8.8%
5.8% – 15.5%
8.7%
Residual interests classified as debt
Conditional prepayment rate
12.7% – 12.8%
12.8%
12.3% – 12.6%
12.4%
Annual default rate
0.8% – 0.8%
0.8%
0.7% – 0.7%
0.7%
Discount rate
10.0% – 10.3%
10.0%
10.0% – 10.3%
10.0%
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
March 31, 2024December 31, 2023
RangeWeighted AverageRange
Weighted Average
IRLCs
Loan funding probability(1)
48.9% – 85.8%
79.2%
71.9% – 77.2%
76.3%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% – 95.0%
95.0%
___________________
(1)The aggregate amount of student loans we committed to fund was $6,459 as of March 31, 2024. See Note 11. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
InputThree Months Ended
March 31, 2024
Risk-free interest rate
4.5%
Expected volatility
73.0%
Fair value of common stock
$8.02
Dividend yield
—%